MeritValue

Concentrix Corp

CNXCdata completeness 100%7 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Concentrix Corp earns about 2% on invested capital, below its ~9% cost of capital, but has diluted owners by 21% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $38.02 and $96.1 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.59B1$6.32B2$7.11B3$9.62B3$9.83B3
Net income$405.6M4$435M5$313.8M6$251.2M6−$1.28B6
Operating cash flow$514.2M7$600.7M8$678M9$667.5M9$807M9
Capital expenditure$149.1M10$140M11$180.5M12$238.8M12$234.5M12
Free cash flow (derived)$365.1M7$460.7M8$497.5M9$428.7M9$572.5M9
Total debt$1.6B13$4.45B14$9.88B15$9.47B16$9.21B16
Cash & equivalents$182M17$145.4M18$295.3M19$240.6M20$327.3M20
Diluted shares51.9M51.7M54.0M65.1M63.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$435.53
your share of equity
Profit it earned you last year
−$202.97
Free cash flow it threw off
$90.85
Debt you’d be carrying
$1,461.85

10 shares is a claim on $435.53 of net worth that earned you −$202.97 and generated $90.85 of cash last year, against $1,461.85 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 10%FY22 6%FY23 2%FY24 2%FY25 -8%

It earned about 2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+21% shares · 5y

Share count is up 21% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 474% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $38.02 and $96.1 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$96.1
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth10.9%
  • fcfBase$497.5M
DCF · Growth Exit 5Y
$38.02
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth10.9%
  • fcfBase$497.5M
Earnings Power Value
$51.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$313.8M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years10.9%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $38.02
The three cases
Bear0.0%−$28.19
Base10.9%$38.02
Bull15.9%$77.98

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 10.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-11-30 · accession 0001803599-24-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-11-30 · accession 0001803599-25-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-11-30 · accession 0001803599-26-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-11-30 · accession 0001803599-24-000011 (NetIncomeLoss)
  5. 10-K · period ending 2022-11-30 · accession 0001803599-25-000022 (NetIncomeLoss)
  6. 10-K · period ending 2023-11-30 · accession 0001803599-26-000027 (NetIncomeLoss)
  7. 10-K · period ending 2021-11-30 · accession 0001803599-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-11-30 · accession 0001803599-25-000022 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-11-30 · accession 0001803599-26-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-11-30 · accession 0001803599-24-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-11-30 · accession 0001803599-25-000022 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-11-30 · accession 0001803599-26-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-11-30 · accession 0001803599-23-000016 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-11-30 · accession 0001803599-24-000011 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-11-30 · accession 0001803599-25-000022 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-11-30 · accession 0001803599-26-000027 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-11-30 · accession 0001803599-23-000016 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-11-30 · accession 0001803599-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-11-30 · accession 0001803599-25-000022 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-11-30 · accession 0001803599-26-000027 (CashAndCashEquivalentsAtCarryingValue)